(RTTNews) - Following the mixed performance seen in the previous session, stocks are likely to come under pressure in early trading on Wednesday. The major index futures are currently pointing to a sharply lower open for the markets, with the Dow futures down by 549 points.
The downward momentum on Wall Street comes amid continued concerns about a recent spike in coronavirus cases across the U.S.
Data from John Hopkins University showed that daily new coronavirus cases have risen by a record average of 69,967 over the past week.
The jump in new infections has also been accompanied by an increase in hospitalizations, leading to worries about new lockdowns.
Adding to the negative sentiment, President Donald Trump admitted that talks have collapsed for a coronavirus stimulus package before Election Day.
"After the election, we will get the best stimulus package you have ever seen," Trump told reporters at the White House.
Among individual stocks, Shares of Six Flags (SIX) are moving sharply lower in pre-market trading after the theme park operator reported a wider than expected third quarter loss.
Software giant Microsoft (MSFT) is also moving to the downside in pre-market trading despite reporting better than expected fiscal first quarter results.
On the other hand, shares of General Electric (GE) are likely to see initial strength after the conglomerate reported an unexpected third quarter profit on revenues that exceeded analyst estimates.
After moving sharply lower during trading on Monday, stocks turned in a mixed performance on Tuesday. While the Dow and the S&P 500 moved to the downside on the day, the tech-heavy Nasdaq ended the day firmly in positive territory.
The major averages finished the day well on opposite sides of the unchanged line. The Nasdaq climbed 72.41 points or 0.6 percent to 11,431.35, while the Dow slid 222.19 points or 0.8 percent to 27,463.19 and the S&P 500 fell 10.29 points or 0.3 percent to 3,390.68.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan's Nikkei 225 Index dipped by 0.3 percent, while China's Shanghai Composite Index rose by 0.5 percent.
Meanwhile, the major European markets have all moved sharply lower on the day. While the U.K.'s FTSE 100 Index has tumbled by 2 percent, the French CAC 40 Index is down by 3.4 percent and the German DAX Index is down by 3.8 percent.
In commodities trading, crude oil futures are plunging $1.87 to $37.70 a barrel after jumping $1.01 to $39.57 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,878.30, down $33.60 compared to the previous session's close of $1,911.90. On Tuesday, gold rose $6.20.
On the currency front, the U.S. dollar is trading at 104.39 yen compared to the 104.42 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1720 compared to yesterday's $1.1796.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.